OK, found the relevant Ann's on the current Mitsubishi Development Funding Agreement, including the $27.5m being discussed, which confirm that they are carrying our 50% share and confirms my assumptions I posted on yesterday that statements such as $6.5m have been used means total expenditure by the JV was double that i.e. $13m. So the total expenditure is double the $27.5m:
These are from Aug 2013.
http://www.buruenergy.com/wp-conten...-funded-forward-program-66775868338669512.pdf
And a Preso:
http://www.buruenergy.com/wp-conten...-funded-forward-program-87758685359969952.pdf
Since then, obviously, various dates have come and gone and have been subject to resets, such as the current tranche 1 cut off date 18/1/17 and tranche 2 cut off date 18/5/17, but the essence of the funding deal is contained in these Aug 2013 Anns. No doubt many of you already know this, just clarifying for my own benefit and anyone new. This is also the first time I've noticed the full field ramp up estimated as 7500bopd, BTW.
